The utility of forward exchange

The feeling has been expressed that the literature devoted exclusively to the subject of forward exchange in meager and, in fact, most inadequate in view of the importance of the subject. While it appears that in the past the writings in this field have been especially limited in the case of works in the English language, the situation has been remedied in considerable degree by the publication in 1937 of the definitive work of Dr. Paul Einzig. While it is not intended that this thesis should attempt to be a definitive work, even of the American point of view, it is hoped that it may be a useful exposition of the subject of forward exchange within moderate size limitations and written so as to be understandable to the average banker or business man who, although not engaged in international commerce, may be interested in those aspects of finance of international character which impinge upon and indirectly affect the internal economy of which he is a part. In short, it is hoped to set forth what forward exchange is, how it works, and its possibilities and limitations.